Bank Account per Property?

[Samantha Kincaid]

Should we set up one checking account per property?

My husband and I purchased our small single family a few years ago. We are in the process of purchasing a duplex with additional rented storage space where we will move into half of it and rent the other half out. Our single family home will also be rented. We know that is important to keep separate accounts for separate businesses.

Is it necessary to have separate accounts relative to each property?

We keep bookkeeping records outside of bank accounts to manage profit/loss.